Trump says US-China deal ‘is done’ 1 hour ago Peter Hoskins Business reporter Reporting from Singapore US President Donald Trump has said a deal with China “is done” after two days of talks between top officials in London.
Earlier, the US and China said they had agreed in principle a framework for de-escalating trade tensions between the world’s two biggest economies.
Posting on his Truth Social platform, the president said: “Our deal with China is done, subject to final approval with President Xi and me.
It gave both sides a 90-day deadline to try to reach a trade deal.
US Trade Representative Jamieson Greer said China had failed to rollback restrictions on exports of rare earth magnets.
Trump claims the US-China agreement “is done.”.
an hour ago.
Hoskins, Peter.
reporter for business.
Reporting from Singapore.
US President Donald Trump declared that a deal with China “is done” following two days of negotiations between high-level officials in London.
Trump claimed that Chinese students could enroll in American universities and that the US would receive the rare earth metals it requires, pending final approval from both himself and President Xi Jinping.
The two largest economies in the world have previously stated that they have reached a framework agreement in principle to defuse trade tensions.
Beijing and Washington reached a short-term truce over trade tariffs last month, but both nations have since accused the other of breaking the agreement.
“Our agreement with China is finalized, pending final approval with President Xi and myself,” the president wrote in a post on his Truth Social platform.
“China will provide full magnets and any rare earths that are required up front. In the same way, we will give China what was agreed upon, including the use of our colleges and universities by Chinese students, which has always pleased me. “.”.
A major topic of discussion at the London meeting was China’s exports of rare earth minerals, which are essential to contemporary technology.
After the discussions, US Commerce Secretary Howard Lutnick stated that the agreement between the two nations should lead to the removal of restrictions on magnets and rare earth minerals.
The United States has criticized China for its tardiness in releasing rare earth metal and magnet exports, which are necessary for the production of everything from electric cars to smartphones.
Washington, meanwhile, has limited China’s access to American products like semiconductors and other artificial intelligence (AI)-related technologies.
“A framework to implement the Geneva consensus has been reached,” Lutnick informed reporters.
He went on to say, “Once the presidents approve it, we will then seek to implement it.”.
Following what the US President called a “very good talk” over the phone last week, Donald Trump and Chinese leader Xi Jinping began a new round of negotiations.
“The two sides have, in principle, reached a framework for implementing the consensus reached by the two heads of state during the June 5th phone call and the Geneva meeting,” announced Li Chenggang, China’s vice minister of commerce.
China was hit the hardest when Trump announced broad tariffs on imports from several nations earlier this year. Beijing’s own higher tariffs on US imports in retaliation led to tit-for-tat hikes that reached a peak of 145 percent.
Talks in Switzerland in May resulted in a short-term truce that Trump referred to as a “total reset”.
Beijing cut US import duties to 10 percent and pledged to remove restrictions on vital mineral exports, while the US reduced its tariffs on Chinese goods to 30 percent. It set a 90-day deadline for both parties to attempt to come to a trade agreement.
China and the US, however, have since claimed that non-tariff pledges were broken.
China has not removed restrictions on rare earth magnet exports, according to US Trade Representative Jamieson Greer.
Beijing claimed that the US had broken the deal by canceling Chinese student visas, warning against using chips manufactured by the Chinese tech giant Huawei, and halting sales of computer chip design software to Chinese businesses.
The Chinese Ministry of Commerce announced Saturday that it had granted some applications for export licenses for rare earths ahead of this week’s negotiations, but it did not specify which nations were involved.
On Friday, Trump announced that Xi had consented to resume rare earth trade.
